KNOWLEDGE BITES | THE FUTURE AT LLOYD’S
On beginning of October 2019, Lloyd’s of London has unveiled a blueprint
for action to facilitate its Future at Lloyd’s project, which aims to “build the
most advanced insurance marketplace in the world.” This first blueprint,
called “Blueprint One,” sets out six ideas of improved ways of working, with
a focus on digital, data and technology to deliver greater benefits to
customers. It will be updated, at least, on an annual basis. The six integrated
solutions are:
Complex risk platform: A digital, end-to-end that complements face-to-face
negotiation to submit, quote, bind, issue, endorse and renew complex risks for
insurance and reinsurance business.
Lloyd’s risk exchange: An exchange for underwriting relatively non-complex,
high-volume, low-value risks, which enables policies to be created and bought
digitally.
Claims solution: A solution designed to transforms the claims process by
automating simple claims, using straight-through processing, resolving
standard claims handling on behalf of the market and empowering lead
underwriters to handle the most complex claims.
Capital solution: A solution that offers alternative capital providers more
options to attach risk more flexibly, for the benefit of all market participants,
supported by a new capital platform.
Syndicate-in-a-Box: A new way to bring innovative, accretive, and
profitable business into the market for a set period, without the need for
a physical presence in Lloyd’s, but subject to the same performance and
regulatory controls as all new market entrants.
Services hub: A set of high-quality, value-add services to support the
market’s business, including access to Lloyd’s data, insights and
analytics, business support functions, and product innovation
accelerators. All these resources will be access via an online portal.
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